Bitcoin reclaimed $80,000 on Thursday, trading at $80,270.69, up 2.9% over the past 24 hours, as easing Federal Reserve rate hike expectations lifted risk assets across markets. Ethereum climbed back above $2,450, and roughly $86 million in short positions were liquidated within an hour of the move.
The rally was supported by stronger-than-expected US economic data. The ISM Services PMI came in at 55.4, well above the 54.3 forecast, signaling continued expansion in the American economy.
Technical analysts had flagged the setup ahead of the move. Bitcoin’s 4-hour Bollinger Bands had tightened sharply after the run from the low $60,000s to above $80,000, with resistance around $79,500 and support near $76,700. He described the market as “coiling” ahead of a potential breakout, which appears to have resolved to the upside.
Elsewhere, Alliance Global Partners initiated coverage on Strategy (MSTR) with a Buy rating and a $252 price target, implying 97% upside. Robinhood shares also jumped 13% after its blockchain, Robinhood Chain, generated $4 million in onchain revenue on September 2, the highest of any blockchain globally that day.
While that revenue doesn’t directly flow into Robinhood’s financials, markets appear to be treating it as a bullish signal, adding to positive ratings this week from Morgan Stanley, which set a $150 price target, and Scotiabank.
Altcoins are rallying alongside Bitcoin. XRP jumped 5.9% to $1.44, Zcash surged 7.7% to $865.93 and is up 9.6% over the week, and BNB climbed 4.3% to $721.52. Solana gained 4.0% to $104.11, while Ethereum rose 2%, pushing its market cap past $302 billion. Dogecoin added 3.4% on the day.
Traders are now watching September 11, the next US inflation report, as the next major catalyst. Recent CPI releases have tended to trigger bullish reactions, though analysts say price action heading into the data matters more than the headline number itself.
Was this writing helpful?
Story Ends Here
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Read the Next News
